$42.51 Million in Sales Expected for Independence Realty Trust, Inc. (IRT) This Quarter

Equities analysts expect Independence Realty Trust, Inc. (NYSE:IRT) to report sales of $42.51 million for the current quarter, Zacks reports. Five analysts have made estimates for Independence Realty Trust’s earnings, with estimates ranging from $40.13 million to $44.05 million. Independence Realty Trust posted sales of $38.00 million during the same quarter last year, which suggests a positive year-over-year growth rate of 11.9%. The firm is scheduled to issue its next quarterly earnings results on Thursday, February 15th.

On average, analysts expect that Independence Realty Trust will report full-year sales of $42.51 million for the current fiscal year, with estimates ranging from $158.32 million to $162.82 million. For the next fiscal year, analysts forecast that the company will post sales of $178.90 million per share, with estimates ranging from $164.29 million to $189.76 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Independence Realty Trust.

Independence Realty Trust (NYSE:IRT) last posted its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.11. The company had revenue of $39.86 million for the quarter, compared to analyst estimates of $40.38 million. Independence Realty Trust had a negative return on equity of 3.08% and a negative net margin of 10.91%. Independence Realty Trust’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.21 earnings per share.

Several brokerages have weighed in on IRT. FBR & Co reaffirmed a “buy” rating and set a $11.50 target price on shares of Independence Realty Trust in a research note on Tuesday, September 12th. KeyCorp assumed coverage on Independence Realty Trust in a research note on Tuesday, December 5th. They issued a “sector weight” rating on the stock. Zacks Investment Research downgraded Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. BidaskClub downgraded Independence Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. Finally, B. Riley reissued a “buy” rating on shares of Independence Realty Trust in a research note on Wednesday, November 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $11.33.

Several hedge funds and other institutional investors have recently modified their holdings of IRT. Teachers Advisors LLC raised its holdings in Independence Realty Trust by 15.0% in the 1st quarter. Teachers Advisors LLC now owns 120,469 shares of the real estate investment trust’s stock valued at $1,129,000 after acquiring an additional 15,699 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Independence Realty Trust by 78.4% during the first quarter. Dimensional Fund Advisors LP now owns 719,618 shares of the real estate investment trust’s stock worth $6,743,000 after purchasing an additional 316,318 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in Independence Realty Trust by 9.0% during the first quarter. Schwab Charles Investment Management Inc. now owns 367,327 shares of the real estate investment trust’s stock worth $3,442,000 after purchasing an additional 30,437 shares during the period. Bank of America Corp DE grew its holdings in Independence Realty Trust by 11.0% during the first quarter. Bank of America Corp DE now owns 44,684 shares of the real estate investment trust’s stock worth $419,000 after purchasing an additional 4,443 shares during the period. Finally, Louisiana State Employees Retirement System bought a new position in Independence Realty Trust during the second quarter worth about $239,000. Institutional investors and hedge funds own 78.65% of the company’s stock.

Shares of Independence Realty Trust (NYSE:IRT) traded up $0.04 during trading on Tuesday, reaching $10.14. The company’s stock had a trading volume of 485,300 shares, compared to its average volume of 710,668. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 1.14. The company has a market cap of $843.54, a P/E ratio of 13.84 and a beta of 1.06. Independence Realty Trust has a 52-week low of $8.45 and a 52-week high of $10.63.

The company also recently disclosed a monthly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be paid a $0.06 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 7.10%. The ex-dividend date of this dividend is Thursday, December 28th. Independence Realty Trust’s dividend payout ratio is presently -276.92%.

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About Independence Realty Trust

Independence Realty Trust, Inc is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets.

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Earnings History and Estimates for Independence Realty Trust (NYSE:IRT)

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